An ANIF report states that the gross debt of Colombia's National Central Government ended 2025 at $1.194 trillion, or 64.4% of GDP, the highest since the 2020 pandemic. Treasury liquidity hit historic lows, with cash on hand covering just five days of obligations in February 2026.
ANIF's report notes that internal debt hit 45.3% of GDP, its highest in 26 years, while external debt stood at 19.1%. Net debt was 58.5% of GDP, below the 61.3% projection in the Medium-Term Fiscal Framework, due to debt management operations rather than structural improvements, per the analysis. In February 2026, the National Treasury Directorate's cash reserves were $6.6 trillion, 68% below the historical average, forcing more TES issuance at rates near 14%, unseen since 2021. The TES yield curve shows higher rates in the medium term (2029-2035), where key maturities cluster. Colombia's 5-year Credit Default Swap is at 225 basis points, 92 above the average of peers like Brazil, Dominican Republic, and South Africa. Its EMBI is the highest among comparable Latin American economies. Still, foreign investors bought $8.8 trillion in TES in February 2026, 23% of issuance, including deals with PIMCO and a $33.6 trillion Total Return Swap from 2025. ANIF warns these flows may be volatile.
